Italy's Letta says EU able to deal with Argentina crisis

The European Union and the common euro currency are stronger than they were a year ago and much better positioned to resist any shocks stemming from a currency crisis in Argentina, Italian Prime Minister Enrico Letta said today.

"The troubles in Argentina today find a European Union that is much more solid, and a euro that is much more solid, and a better ability to deal with this kind of concern," Letta told a press conference in Rome.

The value of the peso plunged in recent days, causing turbulence in wider emerging markets, after the Argentine government altered restraints on its currency market.